UAE's Minister of Energy has annoucned that Abu Dhabi National Oil Company, ADNOC, will lower its production of oil in November.
Suhail Al Mazrouei said ADNOC will reduce its share of production by 139,000 barrels per day, a he said decision reflects the UAE’s commitment to the agreement of Organisation of the Petroleum Exporting Countries (OPEC) members.
Al Mazrouei said ADNOC will reduce its production of pure-grade Murban oil by 15 percent, as well as lowering output of Das crude by 10 percent, and Upper Zakum by 5 percent.
The OPEC agreement initially authorised a reduction in the share of oil production during the first six months of 2017, but was then extended to March 2018, with the aim of preserving balance in the oil market.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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